Business Daily from THE HINDU group of publications
Sunday, Jul 27, 2008
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Business Daily from THE HINDU group of publications Sunday, Jul 27, 2008 ePaper | Mobile/PDA Version | Audio |
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Financial Performance Corporate Results - Private Banks Markets - Investments
Our Bureau Mumbai, July 26 Losses in treasury operations dragged down ICICI Bank’s net profit by six per cent for the first quarter. During the quarter ended June 30, 2008, the bank suffered Rs 594-crore loss on its trading portfolio, due to the increase in interest rates and bond yields. Net profit dropped to Rs 728 crore in the June-ended quarter from Rs 775 crore in the year-ago period. Ms Chanda Kochhar, Joint Managing Director and CFO, said, “Our core operating profit is up, fee income is up and our expenses are under control. We had some losses on our treasury income, due to the higher bond yields, which resulted in a lower net profit.” Fee income up
Fee income increased 37 per cent to Rs 1,958 crore from Rs 1,428 crore in the corresponding period in the previous year. The bank managed to increase its Net Interest Margin to 2.4 per cent from 1.95 per cent by reducing its reliance on wholesale deposits, said Ms Kochhar. The share of low cost Current Account Savings Account (CASA) to total deposits increased to 27.6 per cent (22.4 per cent). “Our target is to improve CASA share to the industry average of 33 per cent in two years,” Ms Kochhar said. This year, the bank’s retail loan portfolio grew by about 5 per cent, to touch Rs 1,28,000 crore. This is lower than the previous year’s growth, which was about 15 per cent. Of the retail loans, home loans account for Rs 66,000 crore. Going ahead, the bank is looking at 15-20 per cent overall growth in this fiscal, Ms Kochhar added. On Friday, shares of ICICI Bank closed at Rs 656.85, down 9.62 per cent from the previous close of Rs 726.8 on the BSE. Higher interest income drives ICICI Bank Q4 net up 39% ICICI Bank’s high networth individuals segment to grow 50% Further rate hike will hit profitability: Kamath More Stories on : Financial Performance | Private Banks | Investments | ICICI Bank Ltd
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